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Deutsche Bank Securities Inc., a registered broker-dealer, agreed to pay a fine of US $9.5 million to resolve charges brought by the Securities and Exchange Commission that, from at least January 2012 through December 2014, it failed to have and enforce policies and procedures that were reasonably designed to prevent its equity research analysts for misusing nonpublic information contained in their unpublished views and analyses that later appeared in the firm’s research reports. The SEC said that, as a result, during the relevant time, DBSI, on a few occasions, did not stop its research analysts from sharing their views regarding potentially market sensitive information with customers and DBSI sales personnel in advance of a formal dissemination. The SEC also charged DBSI with a violation of its analyst certification rule (Click here to access the relevant provision of SEC Regulation AC) when, on March 29, 2012, it published a buy recommendation by Charles Grom, one of its analysts, who certified that the recommendation reflected his personal view, when in fact it did not. Mr. Grom previously was sued by the SEC for this alleged violation. (Click here for details in the article, “Research Analyst Fined by SEC for Falsely Rating Client to Keep Relationship” in the February 21, 2016 edition of Bridging the Week.)

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